The crypto market is once again trading in the green after a pullback on Sunday and the earlier hours of Monday. THETA has been in a strong uptrend since the beginning of March. Theta (THETA) is a blockchain-powered network purpose-built for video streaming. THETA remains among top-performing tokens, up by more than 25,000% from its Mar. 13, 2020, lows of $0.03. Theta continues to post record highs consistently, rallying to new all-time highs of $10.94 on Mar. 22. The upcoming launch of Theta 3.0 on April 21 has been a positive factor for Theta price. At the time of writing, THETA is trading at $10.62, gaining 22.04% in the last 24 hours. With a present market valuation of $10.28 billion, Theta flips Bitcoin Cash to rank 11th largest and the biggest NFT token by market capitalization. According to a release on Mar. 16, Theta Labs has now been granted a 2nd U.S. patent for its groundbreaking designs for decentralized blockchain-based video and data delivery. The first U.S patent with number 16/771524 was granted on September 8, 2020, and this laid the groundwork for a hybrid peer-to-peer network implementation.
*THETA remains among top-performing tokens, up by more than 25,000% from its Mar. 13, 2020 lows of $0.03
*THETA is trading at $10.62, gaining 22.04% in the last 24 hours and 54.04% weekly
*Theta Labs has now been granted a 2nd U.S. patent
Key Levels
Resistance Levels: $15, $12, $10.94
Support Levels: $7.82, $6.32, $5.99
THETA/USD Daily ChartTHETA has been in a strong uptrend in the last 7 days, up by 54.04% weekly. THETA traded at new all-time highs of $10.94 on Mar. 22 to subsequently enter price discovery. Although there are no defined resistances ahead, a push past an all-time high at $10.94 might cause the THETA/USD pair to rally to $12 and $15.
On the flip side, the bears might decide to sell at higher levels and pull THETA price back below its current levels. Support is envisaged at $7.82, $6.32, and $5.99. THETA left support levels and resistances untested. The RSI approaching the overbought zone may indicate an imminent correction. The upsloping moving averages however suggest the bulls are still in control.
THETA/USD 4-Hour ChartOn the 4-hour chart, THETA resumed the uptrend on Mar. 21 after a brief consolidation. Strong buying by the bulls pushed THETA price to new highs of $10.94 before facing subtle resistance. A sustained break past $10.94 holds the key to the continuation of an uptrend with a target objective of $15.
On the downside, THETA sits atop robust support at the MA 50 located at $8.0. Theta price rebounded off this breakout point on 19th March to confirm support at this level. A break below the MA 50 may suggest a bearish comeback. In this case, additional support is anticipated at the MA 200 ($5.13).
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